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Trump announces interim trade deal with China

Trump announces interim trade deal with China

Trump announces interim trade deal with China

By the Associated Press:

President Donald Trump says the U.S. has canceled plans to impose new tariffs on $160 billion worth of Chinese imports Sunday. Scraping those looming trade penalties is part of a modest interim agreement that de-escalates a 17-month trade war between the world’s two biggest economies. The United States is also reducing existing import taxes on about $112 billion in Chinese goods. Trump says that in return, the Chinese have agreed to “massive” purchases of American farm and manufactured products. A Chinese official says Beijing is ready to work with the U.S. “to do more to promote growth in trade.”

Kansas Senator Pat Roberts issued a statement praising the agreement:

“As the holiday season approaches, the announcement of a phase one trade agreement with China is good news for rural America,” said Chairman Roberts. “I applaud and encourage President Trump and Ambassador Lighthizer to continue to press forward and bring this deal to a close so our agricultural producers can access this important market. In particular, I would also like to thank Ambassador Gregg Doud for his tireless work on behalf of U.S. agriculture.”

 

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